The very first thing you should do if you win the $800 million Powerball
But hold your horses.
One important piece of advice for lotto winners has nothing to do with spending.
According to this hall of fame Reddit post, the first step to take if you find out you won the lottery is this:
Do absolutely nothing.
Don’t even declare yourself as the winner. Tell no one — resist from texting or calling a single person you know.
After you’ve regained composure and made sure not to spill the beans, the next item on your to-do list is hire an attorney. “Get a partner from a larger, NATIONAL firm,” Reddit user BlakeClass says. “Don’t let them pawn off junior partners or associates on you. They might try, all law firms might, but insist instead that your lead be a partner who has been with the firm for awhile.”
Step two? Claim the winnings and take the lump sum. The lottery allows winners to choose either a large, one-time payment upfront, or a lifetime of smaller annuities. According to BlakeClass, winner’s should accept that they’re going to take a hit of at least 50% of the total jackpot in taxes, but this is the best way to go.
From here, the rest of the steps follow relatively standard advice regarding investments and responsible spending. Bonus anecdotes from BlakeClass includes lots of horror stories from past winners and their terrible current circumstances. Read up the full (and lengthy) advice from BlakeClass on Reddit. The steps include divvying up the money among family members into locked funds, investing in the S&P 500 and the US treasuries.
As one fellow Redditor aptly responded: ” That was the most useful thing I’ve ever read on how to do something that I will never do.”This hall of fame Reddit post lays it all out. You're gonna need to lawyer-up.
Woman sparks backlash after demanding to share nephew’s lottery winnings because she bought ticket
16 November 2020, 10:32 | Updated: 16 November 2020, 10:42
A woman is furious that her nephew won’t share his lottery winnings. Picture: Getty Images
A woman struggling for money revealed she asked her nephew to split a winning lottery ticket that she bought him.
A woman has been left fuming after her nephew refused to share some of his lottery winnings.
Taking to Reddit, the aunt asked whether she was being unreasonable to ask for some money after she’d bought the ticket as a gift.
The anonymous woman explained she’d been struggling lately, and needed to cash to help pay her bills.
She said: “I have had a really rough year, laid off from my job and I’m out of unemployment options.
But as it was her nephew’s birthday earlier this month, she ‘scraped together’ some change and managed to get him a lottery ticket.
A woman has said she deserves her nephews winnings. Picture: Getty Images
“I love my nephew and can’t get by on the thought that I wouldn’t be able to get him a birthday present (Nov 3rd),” she continued.
“I scraped together whatever change I could and bought him some lottery scratchers. and holy s*** he actually won (on two of them no less).
“One was for about $50 which was cool enough but the second one was actually into the middle 5 figures.
“I mean life changing money (I can’t say exactly how much because in our state lottery winners are all public record).
“His parents (my sister and her husband) are very well off.
“My nephew has a fully funded college fund and every material thing he could ever want.”
After finding out about her nephew’s huge win, she called her sister and said ‘it would be really cool if he gave her at least three quarters of the winnings.’
But her sister was fuming and hung up on her, with the woman adding: “I texted my nephew and I think he actually blocked me.”
“Here’s the thing, I NEED this money. It’s a matter of me eating or not eating. He doesn’t.”
Unsurprisingly, the post totally divided the internet, with many saying she didn’t deserve any of the cash.
One pointed out: “Don’t give lottery tickets as presents if you aren’t willing to give up the potential of a win.”
While a second agreed: “You don’t get to ask for part of someone’s gift.
“It sucks you’re having it tough but still doesn’t mean you’re ‘generous’ for asking for only part of the gift. Sure ask them for help, but don’t ask for his gift.”
But another said they ‘totally understood’ where she was coming from, writing: “You’re frustrated that you pulled together this money and someone much more well off managed to win a load of money on the cards you bought.
“I would apologise to them, though.
“But I would also explain you weren’t trying to be selfish and went about it wrong, that it would mean a lot if he would share some of the winnings because you’re really struggling right now and it would change a lot of your life for the better.”A woman struggling for money revealed she asked her nephew to split a winning lottery ticket that she bought him. ]]>